Author: Becca McDonald, eCommerce Worldwide
Similarly to the UK, the payments landscape is dominated by credit and debit cards with these comprising 45% of all e-payments. The only other payment method which has a considerable share of the market is PayPal at 15%. Adyen reported that approximately 95% of the US population are Visa or MasterCard holders, with Visa leading among combined debit and credit card payments.1
As in other key eCommerce markets, there are a number of exciting and disruptive payments innovators who provide digital wallet solutions and alternative payments methods with the facility to pay in instalments. When choosing which of these solutions to implement, it’s important to make a decision based on your web platform and brand, rather than following market trends.
Fraud is a key consideration to be aware of, with the US estimated to account for almost a quarter of global payment card volume and almost half of the card fraud. Research by ACI Worldwide has shown that 41% of customers reported card fraud in the last 5 years (placing the US 4th behind UAE, China and India) putting greater pressure on merchants to secure their customers’ details.